Valued Partners,
Our operating team has been hard at work drilling the ASE 3. The drill bit on the BDW 650 exhibited excessive wear yesterday and needed to be replaced. The crew resumed drilling this morning and achieved a target depth of approximately 4,290 ft.
We have included a sample of the mud log below. As you can see, preliminary findings suggest that we may have drilled through a significant portion of the Misener formation, potentially even more than what we had seen in the ASE 1 & ASE 2. The Misener appears to have much lower water than the Woodford above, or shale below. Our samples show about 5 times more oil in the Misener than in the shallow. There is also more gas than the shallow section, but the increase in oil amounts outpaces that of gas. We expect to have official logs early next week.
Additionally, the Booch formation is showing decent amounts of natural gas.
